Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 360.55

  (1)   The purpose of this section is to ensure that the modifications made by section   360 - 50 apply to each partner in a partnership in a case where the partnership is the entity that is issued with the * share mentioned in subsection   360 - 50(1).

  (2)   In such a case, subsections   360 - 50(2) to (4) apply as if:

  (a)   the first reference in those subsections to the entity were a reference to each partner in the partnership; and

  (b)   the first reference in those subsections to the * share were a reference to the partner's interest in the share.

Note:   The references to the entity and the share in the paragraphs of subsections   360 - 50(3) and (4) continue to apply unchanged.

  (3)   In such a case, treat subsection   360 - 50(5) as if it read as follows:

"If the partnership has continuously held the * share since its issue, on the tenth anniversary of its issue:

  (a)   the * first element of the * cost base for a partner's interest in the share becomes so much of the share's * market value on that anniversary as is calculated by reference to the partnership agreement, or partnership law if there is no agreement; and

  (b)   the * first element of the * reduced cost base is worked out similarly.".